Part 1 - Application The amount (A) that principal (P) will be worth after t years at interest rate (r) compounded annually is A = P(1 + r) Suppose $6,000 is invested at 5.5% and yields a total of $7,255. How many years was it invested?
Part 1 - Application The amount (A) that principal (P) will be worth after t years at interest rate (r) compounded annually is A = P(1 + r) Suppose $6,000 is invested at 5.5% and yields a total of $7,255. How many years was it invested?
Chapter6: Exponential And Logarithmic Functions
Section: Chapter Questions
Problem 4PT: An investment account was opened with aninitial deposit of 9,600 and earns 7.4 interest,compounded...
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Transcribed Image Text:Part 1 - Application
The amount (A) that principal (P) will be worth after t years at interest rate (r) compounded annually is
A = P(1 + r)
Suppose $6,000 is invested at 5.5% and yields a total of $7,255. How many years was it invested?
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